Tds on salary

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This query is : Resolved

Ca final student (Querist)

17 July 2014 Dear Members, Since the budget has came on 10th july 2014 and the exemption limit below 60 yrs has been extended to Rs. 250000/-.But while calculating TDS on salary for the month of april may and june we have calculated it on the basis of Rs. 200000/- exemption limit.Please clarify whther we should again calculate it from april onwards or we should calculate it from july onwards on the basis of Rs. 250000/- limit.

Sandeep Dharar

Sandeep Dharar (Expert)

17 July 2014 Dear Sucheta till now the budget has not been passed and this will b applicable from next financial year. so for this year 2.5L is the limit.

Ca final student

Ca final student (Querist)

17 July 2014 2.5L will be applicable from this year for TDS on salary or Rs. 250000/-?

Sandeep Dharar

Sandeep Dharar (Expert)

17 July 2014 No no, u r in mistake. It will b applicable from 1st April 2015.

Mr Jaitley just present his views. Now it will b passed by the higher authorities and then will b applicable from 1st April 2015 onwards.

Ca final student

Ca final student (Querist)

18 July 2014 Thank u Sir. I was in confusion because someone told me that i have to recalculate it from april onwards

Sandeep Dharar

Sandeep Dharar (Expert)

18 July 2014 Ur Welcome dear friend.

And do not calculate from April. U r provided a wrong information.

Provide ur thanks by hitting the thanks button.

Message likes : 1 times

Ca final student

Ca final student (Querist)

18 July 2014 sir in forum everyone is saying to recalculate it from april onwards.i m totally confused

Sandeep Dharar

Sandeep Dharar (Expert)

18 July 2014 No dear till now the budget is not passed. And it will b going to b applicable from next financial year. So how can u calculate from the current financial year?

Ca final student

Ca final student (Querist)

18 July 2014 Sir everyone is saying that it will be applicable from fy 14-15

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